Egypt Inflation Rate Climbs to 10.28% in July

In July of 2013, Egyptian annual inflation rate accelerated for the fourth month in a row to 10.28 percent, from 9.75 percent in June, due to higher food prices, which coincided with the month of Ramadan. Inflation a year ago was recorded at 6.4 percent.

On a year-over-year basis, the highest increases were recorded for prices of restaurants, hotels and cafes (up by 20.99 percent, after rising 21.66 percent in June), food and beverages (+13.86 percent, from 12.69 percent recorded in June), education (+11.4 percent) and health (+10.66 percent).

On a month-over-month basis, prices went up by 0.86 percent in July compared to a 0.88 percent increase in June, mainly due to higher cost of several food items, including red meat, poultry, fish and seafood, as well as fruits and vegetables.

Prices of retail items inched up negligibly as the increase in the price of household textiles was largely offset by the decline in the prices of gold. Meanwhile, prices of paid services remained unchanged.

Core CPI which excludes subsidized goods and volatile items such as food and vegetables increased to 1.04 percent in July, from 0.77 percent in the previous month. The annual rate rose to 9.06 percent from 8.56 percent in June.

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